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ICICI Prudential Focused Bluechip Equity Fund

 

The fund's investment strategy will be to invest in 20 large cap companies from the top 200 stocks listed on the NSE on the basis of market capitalisation. In case, the total assets in this fund crosses Rs.1000 crore then more than top 20 large companies would be added to the portfolio

 

ICICI Focused Bluechip Fund has raced far ahead of its benchmark as well as peers from the word go in the last six years, making it one of the best funds to own in the large-cap category. The fund has been rated 5-star in 35 out of 38 months for which it has been rated by Value Research. Starting out in the depressed markets of May 2008, the fund put in a blockbuster performance in its first year and has since built up a track record for consistently staying ahead of the markets and peers.

Despite an ever-expanding asset size, the fund has stayed true-to-label with a strict large-cap focus. The 10 per cent or so allocation to mid-cap stocks in the early part of 2009 quickly gave way to an entirely large-cap portfolio in the last five years. This is quite a departure from its category, where funds usually park 15 per cent or so of their assets in mid and small-cap stocks.

Although an expanding fund size has not been a problem in terms of stock selection, growing assets could force the fund to water down its focused strategy. However, the fund's returns have outpaced the category despite this bluechip focus, is a testimony to its stock selection skills.

Further, the fund maintained a very compact portfolio in its initial years holding only 20 stocks until 2011. As assets expanded, the fund increased its stock count, but not so much that its concentrated mandate has been diluted. The current stock count of 40-45 stocks is still quite low for a R6,908 crore fund (July 2014). The fund's value-oriented and contrarian strategy in stock selection has helped it keep two steps ahead of the market. The fund follows a buy-and-hold approach, with five stocks featuring in the portfolio right from inception.

The fund's 5-year CAGR at 17 per cent, has beaten the benchmark by a good 6 per cent and the category by 5 per cent annually. This fund has outperformed the markets in every year since inception save for 2012 when it just matched the benchmark. Though fund managers have changed quite often, this hasn't had a material impact on style or returns.



 

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